In case anyone doesn't have this set yet, toysrus.com has these in-stock now. I ordered it on Monday and it came on Friday (with regular shipping), which I think is pretty darn fast. here's my review, figure by figure.
This is a pretty nice figure. I don't have the old one, but from pictures, the new one seems to use the same mold. There are some differences, though. His "body" and the underarm-claw are mostly black, with a bit of gray weathering which looks nice. The brain bowl uses the same painting trick as Jabba the Hutt's frog bowl to make it look like a liquid is in there. On this new version, it's red, unlike the blue on the old one. The giant beach ball-esque, which may or may not have even been in the film, is removable to please people on either side of the "debate." I guess his articulation is the same from 1997 - legs, claw, claw-arm.
Finally, Jabba's frog-dog is here. He's the only one out of the bunch to include an accessory, which is a plastic chain (2002 Padmé's chain would've been nicer, but this is okay too) that connects to a semicircle sticking out of his back. He's wearing a non-removable harness-like thing so the chain can be connected. His sculpt is great, it looks just like him. The only difference between the figure and the character is the teeth, which have obviously been rounded off on the ends (but they're still okay). His jaw opens ans his legs move, but that's it. His painting may be a little off, but I can't tell. In the film, nearly everyone has a bluish tint to them while in Jabba's Palace. Bubo seemed really purple, but the figure is more of a tan-brown. He may be this color, but I don't know.
This is the little guy who licks C-3PO while he's translating for Jabba (I think). His sculpt is nice, it looks a lot like the thing from the film. His tongue is permanently out, but it's not even perfectly straight, nor can it be moved a la the Nexu's tail, which would have helped. A suction cup is attached to his back so he can stick to surfaces like in the movie. He has some wart-crater things in his back so it looks like the suction cup is supposed to be a larger version of one of them. The suction cup works pretty well on flat surfaces, and is a little bigger than the one from the Mynock from 2003 Chewbacca Mynock Hunt. This figure is kinda small, a little smaller than Yoda or Ashla/Jempa/Chain.
Overall, this set is great. I hope we can get more sets like this in the future, maybe with cantina patrons. This is one of the better Ultra figures, like Jabba or the Wampa, and you won't feel screwed for paying ten or so bucks for this like General Rieekan. I give this set an A (which I do a lot, but this one is really good).
EDIT: Apparently little Wol's last name is inappropriate, so I added an apostrophe which isn't really in his name.